The 19-year-old from Toxteth has been training with the Reds since the age of six and officially joined the club three years later.
Sharif was a member of the FA Youth Cup-winning U18s side in 2019 and made his U23s debut in January of the same year.
After signing his first professional contract he sustained a knee injury in pre-season and is currently completing his rehabilitation.
“It meant the world to me, signing a new extension,” Sharif told Liverpoolfc.com.
“I don’t think you get the opportunity to play for an amazing football club like Liverpool too often, so I was excited to sign.